CBRE Global Could Sell Downtown San Jose Tower For Record Price
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DivcoWest Properties could pay a record amount for a downtown San Jose tower if the deal goes through.
The San Francisco-based developer could pay around $480/SF for 50 W San Fernando St, or $161M. The building's owner, CBRE Global Investors, purchased the 17-story, 326k SF tower in 2012 for $93M ($278/SF), according to the Silicon Valley Business Journal. The reported deal would include a public parking garage. Built in 1989, the tower is 97% leased with most tenants professional services firms.
If the deal goes through for that amount, it would be the most ever paid per square foot for a downtown San Jose office building. The highest deal to date was the 2013 sale of 225 W Santa Clara St for $136M ($396/SF). [SVBJ]